SBA Business

business location tips

How To Choose The Best Location For Any Kind Of Businesses?

Many entrepreneurs are so excited about launching their own business, but many of them failed to research and forget the importance of business location. Finding the right location for a new business or shop is important for success.

Regardless of your business industry, invest time in finding the best business location from your customer’s point of view.

Also, Read: An Ultimate Guide On How to Manage Your Small Business Finances

Tips on Choosing the Best Business Location

Business Needs
The first step in finding the perfect location for your location is understanding business needs. Knowing your business is important. Ask your self, will my customer visit my store, shop, or office? Does your business involve physical inventories? How are your products delivered? If you are selling services like cable and internet, will customers call for appointments? Keep all this in mind, make a list for your shop or business needs.

Also Read: What to Look for When Purchasing bulk phones?

Identify your customer
Who are your customers? How can you meet their needs? How many populations does your prospect location have? Analyzing location provides you plenty of statistics and data will help you determine your target market on a specific location. Reach out to US Census Bureau and gather more information as much as possible, research will help you find your customers.

Going early to work is very important for you and for your employees. Driving for hours for customers and employees just to get to your location is a big issue. Consider automobile traffic, parking lots, sidewalks accessibility, and foot traffic, these factors are important for business location to consider.

This may not matter for businesses selling services and products over the internet. (read: Ways To Help Increase Online Sales) They can both located in the same location or building. However, if you are selling products that customers require to visit your store or shop, consider how much similar businesses located in your area. If a dozen of stores offering similar products, do a competitive analysis. Create a plan on how to edge your competitor, offer something that your competitor doesn’t have.

Also, Read: Sell Cable and Internet Service on Craigslist for Free

business location

Why Location is very important?

Let’s say you have secured your business loan, you already have a business plan. Now, How to choose the right location and the importance of location to your business?

Location is a big factor in business success. If you are in the right location, consumers will come and find your store or business with ease. A good example of a good location has nearby transportation terminals or transport links nearby. This will enable your employees to get to work easily.

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Busy places mean more potential customers and consumers. It is important for a company or a store to be conveniently located for your potential customers. It is also important for a business to have easy access to phone lines, water pipes and roads to make your everyday activities.

Also, supplies can be move quickly if your location has an efficient transport network. If your supplies address is far from your location, the transportation cost will be very expensive.

Brand visibility is important for your business growth. A signage exposure for your branding a good location will attract more potential customers. This is very important when it comes to marketing.

Location is very important, do your research and choose the right business location carefully.

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veterans business loan

Veterans Guide to Small Business Loans for 2022

What is a Veterans Business Loan?

Just like other types of loans, the veterans business loan is a form of obligation or debt that you need to pay back the principal and interest. A lender, credit union, or bank will let you borrow money to start to grow and expand your business, to pay other expenses, or to buy a property.

Military veterans have different options to get funded if you have plans of putting up small businesses. Military Reservist Economic Injury Disaster (MREIDL) Loans, SBA Express, or VA business loans are available Small Business Administration (SBA) to a soldier or their wives who have returned from services or who are going for a deployment.

Also, Read: Top Business Ideas for Veterans in 2021

veterans business loan

Three types of Veteran Loans.

SBA Express Loan Initiative

This is open to non-veterans, but veterans have more options and advantages who qualify for this loan. They can borrow up to $150,001 to $350,000 guaranteed. These business loans are payable with interest to The Small Business Administration.

The SBA’s 7(a) loan program.

This business loan is also for both veterans and non-veteran which funded up to $5 million. The veteran guarantees zero fees of $125,000 or less and a 50% reduction for $125,000 above. Veterans have access to training and business counseling, business opportunities, and capital to help them start their businesses.

MREIDL or Military Reservist Economic Injury Disaster Loan

This will provide funding to qualified small businesses to its operating expenses. This is for a military reservist that is qualified but it’s not available due to their role and obligations. The maximum loan amount is $2 million. This is calculated by SBA to the actual economic injury. But MREIDL funds cannot be used in regular commercial debt, to expand the business or refinance long-term debt.

These loans are eligible for veterans, their current spouses or widow, military personnel, and veterans. But veterans who received dishonorable discharge are not eligible for this program.

Check here for SBA Veterans Advantage Documentation Requirements

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